Friday, 29 May 2015
Last updated 18 hours ago
Jul 20 2011 | 11:21am ET
Michael Cardillo, the former Galleon Group trader whose testimony helped sink a former colleague last month, will pay $68,520 to settle the Securities and Exchange Commission's lawsuit against him.
Cardillo, who pleaded guilty to securities fraud and conspiracy in January, had been cooperating with prosecutors secretly prior to his plea. While he agreed to testify against Galleon founder Raj Rajaratnam, he was not called as a witness in that trial, which ended in Rajaratnam's conviction on all counts. He did, however, testify against former Galleon trader Zvi Goffer, who was convicted last month alongside his brother and a third man, Michael Kimelman.
Cardillo's settlement covers the profits he made trading on insider information and penalties.
No sentencing date has been set for Cardillo in the criminal case.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…